Vehicle finance portfolio stress
Vehicle finance AUM declined 37% YoY; GNPA improved to 10.4% but remains elevated. A one-time write-off of ₹84 crore was taken in Q4.
MANAPPURAMFINANCE / Q4-FY26 / risks
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Manappuram Finance · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
MSME portfolio NPA increase
MSME GNPA rose to 7.1% from 6.1% QoQ, raising concerns about potential further write-offs.
Gold yield compression from mix shift
Higher growth in larger ticket gold loans at lower rates could pressure yields despite management's guidance of stability.
Uncertainty around MD Ravi's return
MD Ravi is undergoing treatment in Singapore; his return timeline is unclear, creating leadership uncertainty.